100,000 oil jobs could be coming back

[IronLionZion]

http://money.cnn.com/2016/07/14/news/economy/oil-jobs-worker-shortage/index.html

Good news laid-off oil workers: U.S. energy companies could soon face a serious worker shortage.

Goldman Sachs believes the American oil industry is about to stage a big comeback from the painful downturn and big job losses caused by oversupply.

As more oil fields come on line and America's oil boom gets back on track, there simply won't be enough people to do the required drilling, well completion and other logistical work. Cheap oil wiped out nearly 170,000 oil and gas jobs since late 2014 as desperate companies scrambled to cut costs and avoid bankruptcy.

That means just to keep up with the expected ramp-up in drilling activity, the oil and gas industry would need to add 80,000 to 100,000 jobs between now and the end of 2018, Goldman predicted in a recent report.

The estimate is based on Goldman's forecast for U.S. oil production to resume growing next year after the recent drop to two-year lows. That growth would require some 700 oil rigs to be added -- and each one supports an average of 120 to 150 employees.

Oil has been going through boom and bust cycles. Yes, I'm not a fan of big oil either, but I like jobs. And freepers blame Obama for killing the oil jobs because he hates America so much. Nothing to do with the lower prices at all.

[msongs]

1. gas is up 50 cents/gallon since Jan. time to cut oil company welfare nt

[tonyt53]

2. Gas is in a freefall now, and it's driving season.

Oil companies finally understand that they can live on $45 barrel oil.

[arcane1]

3. "there simply won't be enough people to do the required drilling"

Too bad it can't stay that way.